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Research Tree provides access to ongoing research coverage, media content and regulatory news on WINDAR PHOTONICS PLC. We currently have 3 research reports from 1 professional analysts.
|06Feb17 07:00||RNS||Repeat order from European IPP|
|30Dec16 07:00||RNS||Canadian and Korean Orders|
|29Dec16 07:00||RNS||NIWE Order|
|28Dec16 07:00||RNS||Indian IPP Order|
|19Dec16 07:00||RNS||Trading Update|
|23Nov16 10:53||RNS||Holding(s) in Company|
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WINDAR PHOTONICS PLC
WINDAR PHOTONICS PLC
04 Oct 16
Windar Photonics’ H116 results show that customer engagement is intensifying, but is not translating into revenues at the rate management had hoped for. The company has taken action to reduce cash burn and speed up the sales cycle. Management notes that these delays will affect H216 and FY17, so we have revised our estimates and indicative valuation.
Chinese contract win points to future growth
13 Jun 16
Windar’s FY15 results were in line with our forecasts, but lower than the expectations at the time of the IPO in March 2015 because of issues with the distributor in China, which is a key market. These issues appear to have been resolved and we expect renewed activity in China to lead to a ramp-up in sales, beginning in H216. The subscription and factoring arrangement announced in May 2016 remove the funding gap identified in our previous note.
Winds of change
23 Mar 16
Our valuation analysis is based on a DCF reflecting a series of potential outcomes related to market penetration and consequent volume benefits. This yields a range of fair values between £35m and £107m (excluding the impact of any FY16 funding). Receipt of further volume orders should act as a catalyst towards our midcase fair value of £57m, which is based on the roll-out modelled in our estimates.
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - Augean - Double digit growth in ’16, good start to ‘17
21 Mar 17
Augean reported another year of double digit growth for 2016, with profits in line with our forecasts. Sales grew by 21% excluding landfill tax, while adjusted PBT grew by 18% to £7.1m before amortisation of acquired intangibles. DPS was increased by 54% to 1.0p, 25% ahead of our estimate. The business units made further strategic progress, with revenues from their top 20 customers increasing from 42% to 43% of the total, of which 88% was under contract or a framework agreement, increasing forward visibility. There has been an encouraging start to 2017 and management is confident of delivering another year of profits growth. The shares trade on undemanding single digit multiples, offering good value.